Mumbai May Be Ready For Nano Homes
The Indian real estate market is moving slowly and surely towards recovery after what has been a dismal few years for the property market. One of the major reasons for the apparent recovery, however, comes from a fairly unexpected source. Most home investors coming into the market again and eager to purchase a house are actually from the affordable housing category, a niche market which is spreading not just in the hinterland but has already started its advancements even in the heart of megacities like Mumbai.
Developers have been smart and adaptable and have realised that to service a category of investors looking for something in particular, large and lavish 3BHKs and lofts are not the need of the hour. Instead, they have taken inspiration from the west once more, only this time the towers inspired by luxury Italian designers have been replaced with the Nano-home concept.
A Nano home is exactly what it sounds like. A small 180 to 220 square feet home resplendent with modular furniture and coupled with modern township amenities that have suddenly become the hero of a real estate market crying out for instant revival. Here are three important reasons why Mumbai, in particular, is now ready to welcome this concept.
A nano home is distinctly cheaper not just to purchase but also to maintain. For the eager investor looking to buy an affordable home, it is also a lot easier to procure a home loan at the rates that are needed to be able to afford one. A smaller house means lesser furniture, fewer appliances and mainly only essentials which means you buy fewer things and save up on your money.
Zero hassle maintenance
Buying a house in Mumbai and actually being able to maintain it in a hassle-free manner is a huge task indeed. A nano home is very easy to clean, the costs of upkeep are fewer and the cost of redoing a 180 to 300 sq ft house is considerably lesser.
Less is more
A nano home means lesser material used, more organised and practical use of hazardous chemicals and lesser need for natural resources.
Rahul Nahar is the chairman of Xrbia Developers.